Russia’s state-owned banks will offer companies interest-free salary loans to ensure they can keep paying workers during the coronavirus crisis.
Sberbank and VTB will launch the pilot initiative next week, with backing from Russia’s Central Bank, for an initial period of six months, which could be further extended if the situation does not improve, Russian media reported.
The scheme was announced by first deputy prime minister Andrei Belousov on Thursday at a meeting between President Vladimir Putin and business owners.
Moscow has this week stepped up its efforts to contain the spread of the coronavirus and support Russian consumers and businesses as economic activity drops sharply. Putin has repeatedly said that the government’s main objective on the economic front is to prevent a jump in unemployment, and his government has stressed the importance of not firing workers to employers.
He unveiled a package of measures in a speech to the nation Wednesday including extra unemployment benefits, higher payments for families with children and debt vacations for small businesses.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
